What is Marketing Management?
Marketing management is the management of all activities related to marketing. It refers to planning, organizing, directing, and controlling which results in the exchange of goods and services. Let’s discuss some important terminologies and features of marketing with some tips to memorize them. Let’s start.
Who are marketers?
Marketers are the ones who try to increase demand by satisfying people’s wants and thereby increasing their profits.
What is market?
A market is a place where the exchange of goods and services take place between buyers and sellers.
What is marketing?
Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging goods and services of value with each other.
According to Phillip Kotler, marketing management means where people exchange goods and services for money or something of value to them. Phillip Kotler gave the definition of the marketing mix and wrote many books on marketing management.
For writing the meaning of marketing management remember the acronym: ‘PODC’ like a Podcast where,
What is selling? How it is different from marketing?
Selling means forcing a product on a customer to maximize sales and thereby increasing profits. On the other hand, marketing is about fulfilling the needs and wants of the customer in such a way which would provide him the maximum satisfaction.
What are the features of marketing management?
- Needs & Wants: The process of the market helps an individual in obtaining what they need, that is, it is a state of being deprived of something and want, that is, the objects which satisfy a need. For example, a basic need for food may take various forms such as the want for rice, burger, pizza, etc. A marketer’s job in an organization is to identify the needs of the target customer and develop products and services that satisfy such needs.
- Creating a market offering: It refers to a complete offer for any product or service consisting of different features like size, quality, etc. at a certain price, also at a specific location. For example, the offer is for a mobile phone, which is available in four different versions, camera quality, screen size, software, battery backup, storage, etc. for a price between 50000 – 70000 depending on the model selected should be available in different showrooms. A good market offer should be developed after analyzing the needs and preferences of potential buyers.
- Customer Value: Customer is ready to give a price for the product only when they get satisfaction or use-value. Marketers must add to the value of the product so that customers prefer it in comparison to other competitors. For example, a dedicated market for iPhone.
- Exchange Mechanism: The process of marketing involves exchanging products and services for money. Exchange refers to the process through which two or more parties come together to obtain the desired product from someone. For example, a person feeling hungry may get food by offering money in exchange for the seller.
Tip for remembering the features of marketing management, use acronym ‘VONE’ where,
V- Value to the customer
O- Offering to the market
N- Needs and wants
E- Exchange mechanism
Read more about planning in business studies.